Point of Sale bill passes House, again

May 12, 2011 at 8:09 PM EST - Updated June 24 at 1:34 AM

From the SC House of Representatives

COLUMBIA, SC - Today, the SC House of Representatives again passed a Point of Sale reform bill (H. 3713). The legislation creates a more favorable and fair system that will strengthen our state's housing market all while maintaining the nearly 50% cut in property taxes homeowners received in the original plan.

"This legislation targets a major concern our state's homeowners have asked lawmakers to address. Having a property tax bill that is two or three-times higher than your neighbor does not create a fair system and does not help our state's recovering housing market.

"Creating a fairer system will benefit both new homeowners and existing homeowners by strengthening and stabilizing our state's housing market as a whole. The House made it clear today that we can effectively address homeowners' concerns about Point of Sale reform while still maintaining the nearly 50% cut to taxes on homes.

"This is the third time that the House has passed a Point of Sale reform bill. Hopefully this will be the year it becomes law, South Carolina homeowners shouldn't have to wait another year for this measure to become a reality."